PUBLISHER: Grand View Research | PRODUCT CODE: 1300990
PUBLISHER: Grand View Research | PRODUCT CODE: 1300990
Cold Climate Air Source Heat Pump Market Size, Share & Trends Analysis Report By Product (Split Systems), By Application (Residential), By Operation Type (Electric), By Region, And Segment Forecasts, 2023 - 2030
Cold Climate Air Source Heat Pump Market Growth & Trends
The global cold climate air source heat pump market size is expected to reach USD 1,235.3 million by 2030, expanding at 11.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is anticipated to witness a surge in demand owing to the increasing awareness of the advantages such as energy-efficient cooling & advanced heating solutions. In addition, secondary factors which are expected to fuel the market demand include government regulations, rising energy costs, and favorable incentives for energy-efficient appliances.
Cold climate air source heat pumps are more efficient and can function in colder temperatures. At lower temperatures, conventional heat pumps often lose a significant amount of their heating capacity. While cold climate air source heat pumps can still produce heat up to 25°C or 30°C. Owing to this advantage of cold climate air source heat pump, the adoption of ccASHP is expected to boost the market demand over the forecast period. For instance, Mitsubishi provides its Zuba range of cold climate air source heat pumps. These are available in ductless and unitary systems and can heat spaces down to -30°C while using less energy from the backup unit.
Manufacturers have created specialized cold-climate heat pumps recently that use cutting-edge designs to function more effectively and with greater capacity at low outside temperatures below 32°F. For instance, in June 2022, The U.S. Department of Energy (DOE) collaborated with Lennox International and developed an innovative electric heat pump that can more effectively heat homes in northern climates relative to current CCHP models.
According to Air-Conditioning, Heating, and Refrigeration Institute, across the world, in 2021, 117 million units were fitted in Norway whose average January temperature was 21 degrees F and this country also had an over 60% adoption rate of ccASHP. The trend is also reflected in the U.S. where cold-climate states like New York, Massachusetts, and Maine are offering incentives to install ccASHP. Therefore, the growing adoption of cold climate air source heat pumps in the cold region owing to benefits such as cost saving, energy efficiency, and environmental friendliness, among others. For instance, in 2022, Fujitsu's launched seven models with 2.0kW to 7.1kW cooling capacity and 2.5kW to 8.0kW heating capacity. This range provides optimal performance in colder climates in regions like New Zealand.
Cold climate air source heat pump manufacturers are seeking collaborations, mergers, and acquisitions to develop advanced and innovative solutions. In addition, manufacturers are also adopting several strategies like new product development, and geographical expansion, to enhance their market penetration and cater to end-use industries. For instance, in January 2023, Daikin Comfort Technologies North America, Inc. acquired Williams Distributing, Co., which is a dominant distributor of HVAC products and home-building supplies in the Great Lakes region. Williams' business area spans a sizable chunk of the Midwest; thus, this tactical acquisition helps Daikin realize its goal of utilizing inverter heat pump technology in cold climates. Williams' northern location gives Daikin's cutting-edge cold climate technology more chances for cold climate product testing and development, as well as access to resources and people with extensive field skills for ongoing research and development.
Cold Climate Air Source Heat Pump Market Report Highlights
- The split system product segment dominated the cold climate air source heat pump industry in 2022 by accounting for a share of over 85.8% of the market in terms of revenue in the same year. The growth of this segment can be attributed to its benefits like small size and flexibility for zoning, heating, and cooling individual rooms. In addition, this product is easier to install and has no ducts so that they can prevent the energy costs associated with the ductwork of central forced air systems
- The demand for the residential application segment accounted for 86.4% share of the global revenue in 2022. Rapid urbanization coupled with increasing demand for energy-efficient products is expected to drive the demand for cold climate air source heat pumps in the residential sector
- The electric operation type segment accounted for a 91.5% share of the global revenue in 2022. The growth of this segment can be attributed to higher efficiency, affordable, quiet operation, among others
- North America accounted for 48.8% of the global revenue share in 2022. The rising residential and commercial construction in cities like Texas, Virginia, New Jersey, and New York, among others are expected to aid product demand
- In April 2023, Rheem introduced a cold environment air-source heat pump that offers heating at temperatures as low as -30.5 C. Additionally, it provides 5% more COP when heating at -15 C ambient temperatures. The company's device has also succeeded in the Cold Climate Heat Pump Challenge set forth by the US Department of Energy
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope & Assumption
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources
- 1.3.4. Third-Party Perspectives
- 1.3.5. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Market Variables, Trends & Scope
- 3.1. Market Segmentation & Scope
- 3.2. Penetration and Growth Prospect Mapping
- 3.3. Industry Value Chain Analysis
- 3.4. Technology Overview
- 3.5. Regulatory Framework
- 3.6. Market Dynamics
- 3.6.1. Market Driver Analysis
- 3.6.2. Market Restraint Analysis
- 3.6.3. Market Opportunity Analysis
- 3.6.4. Industry Challenges
- 3.7. Industry Analysis
- 3.7.1. Porter's analysis
- 3.7.2. Macroeconomic Analysis
- 3.8. Economic Mega Trend
- 3.9. Pricing Analysis
- 3.10. Vendor Matrix
- 3.10.1. List of key component providers
- 3.10.2. List of key manufacturers
- 3.10.3. List of key distributors
- 3.10.4. List of end-users
Chapter 4. Cold Climate Air Source Heat Pump: Product Estimates & Trend Analysis
- 4.1. Product Analysis & Market Share, 2022 & 2030
- 4.1.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.2. Split Systems
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.2.1.1. Market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.3. Single Package Equipment
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5. Cold Climate Air Source Heat Pump: Application Estimates & Trend Analysis
- 5.1. Application Analysis & Market Share, 2022 & 2030
- 5.1.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.2. Residential
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.3. Commercial
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6. Cold Climate Air Source Heat Pump: Operation Type Estimates & Trend Analysis
- 6.1. Operation Type Analysis & Market Share, 2022 & 2030
- 6.1.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.2. Electric
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3. Hybrid
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 7. Cold Climate Air Source Heat Pump: Regional Estimates & Trend Analysis
- 7.1. Regional Market Snapshot
- 7.2. North America
- 7.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.2.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.2.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.2.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.2.5. U.S.
- 7.2.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.2.5.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.2.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.2.5.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.2.6. Canada
- 7.2.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.2.6.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.2.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.2.6.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.5. Germany
- 7.3.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.5.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.5.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.6. France
- 7.3.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.6.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.6.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.7. Poland
- 7.3.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.7.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.7.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.8. Finland
- 7.3.8.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.8.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.8.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.8.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.9. Norway
- 7.3.9.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.9.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.9.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.9.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.10. Sweden
- 7.3.10.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.10.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.10.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.10.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.11. Spain
- 7.3.11.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.11.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.11.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.11.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.12. Italy
- 7.3.12.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.12.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.12.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.12.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.13. Denmark
- 7.3.13.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.13.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.13.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.13.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.14. UK
- 7.3.14.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.14.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.14.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.14.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.3.15. Netherlands
- 7.3.15.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.15.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.15.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.15.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.4.5. China
- 7.4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.5.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.5.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.4.6. Japan
- 7.4.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.6.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.6.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
- 7.4.7. South Korea
- 7.4.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.7.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.7.4. Market estimates and forecasts, by operation type, 2018 - 2030 (USD Million)
Chapter 8. Competitive Analysis
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Participant's Overview
- 8.4. Financial Overview
- 8.5. Product Benchmarking
- 8.6. Company Market Positioning
- 8.7. Company Market Share Analysis, 2022
- 8.8. Company Heat Map Analysis
- 8.9. Strategy Mapping
Chapter 9. Company Profiles
- 9.1. Carrier
- 9.2. Daikin Industries, Ltd
- 9.3. Robert Bosch GmbH
- 9.4. Lennox International
- 9.5. Johnson Controls, Inc.
- 9.6. Midea Group
- 9.7. Hitachi, Ltd.
- 9.8. Ingersoll Rand Plc.
- 9.9. Rheem Manufacturing Company
- 9.10. Panasonic Holdings Corporation
- 9.11. Fujitsu
- 9.12. LG Electronics, Inc.
- 9.13. Mitsubishi
List of Tables
- Table 1. Cold Climate Air Source Heat Pump Estimates and Forecasts, By Product, 2018 - 2030 (USD Million)
- Table 2. Cold Climate Air Source Heat Pump Estimates and Forecasts, By Application, 2018 - 2030 (USD Million)
- Table 3. Cold Climate Air Source Heat Pump Estimates and Forecasts, By Operation Type, 2018 - 2030 (USD Million)
- Table 4. U.S. Macroeconomic Outlook
- Table 5. Canada Macroeconomic Outlook
- Table 6. Germany Macroeconomic Outlook
- Table 7. France Macroeconomic Outlook
- Table 8. Poland Macroeconomic Outlook
- Table 9. Finland Macroeconomic Outlook
- Table 10. Norway Macroeconomic Outlook
- Table 11. Sweden Macroeconomic Outlook
- Table 12. Spain Macroeconomic Outlook
- Table 13. Italy Macroeconomic Outlook
- Table 14. Denmark Macroeconomic Outlook
- Table 15. UK Macroeconomic Outlook
- Table 16. Netherlands Macroeconomic Outlook
- Table 17. China Macroeconomic Outlook
- Table 18. Japan Macroeconomic Outlook
- Table 19. South Korea Macroeconomic Outlook
- Table 20. Recent Developments & Impact Analysis, By Key Market Participants
- Table 21. Company Market Share, 2022
- Table 22. Company Heat Map Analysis, 2022
- Table 23. Key Companies undergoing expansion
- Table 24. Key Companies involved in mergers & acquisition
List of Figures
- Fig. 1. Information Procurement
- Fig. 2. Primary Research Pattern
- Fig. 3. Primary Research Process
- Fig. 4. Market Research Approaches - Bottom-Up Approach
- Fig. 5. Market Research Approaches - Top-Down Approach
- Fig. 6. Market Research Approaches - Combined Approach
- Fig. 7. Market Outlook
- Fig. 8. Segmental Outlook
- Fig. 9. Competitive Insights
- Fig. 10. Market Segmentation & Scope
- Fig. 11. Penetration and Growth Prospect Mapping
- Fig. 12. Industry Value Chain Analysis
- Fig. 13. Market Driver Analysis
- Fig. 14. Market Restraint Analysis
- Fig. 15. Cold Climate Air Source Heat Pump: Product Movement Analysis, 2022 & 2030
- Fig. 16. Cold Climate Air Source Heat Pump: Application Movement Analysis, 2022 & 2030
- Fig. 17. Cold Climate Air Source Heat Pump: Operation Type Movement Analysis, 2022 & 2030
- Fig. 18. Cold Climate Air Source Heat Pump: Regional Movement Analysis, 2022 & 2030
- Fig. 19. Key Company/Competition Categorization
- Fig. 20. Competitive Dashboard Analysis
- Fig. 21. Market Position Analysis
